Cipla has completed the acquisition of 100 per cent of the issued shares of Cipla Medpro South Africa ‘Medpro’, for an aggregate consideration of ZAR 4507 milllion (Rs 2707 crore). The listing of the shares of Medpro on the JSE Ltd has been terminated from the commencement of business on July 16, 2013.
Commenting on the successful acquisition, Subhanu Saxena, Managing Director and Global Chief Executive Officer, Cipla said, “This investment is aligned with Cipla’s strategy to ascend the value-chain by managing a front-end sales force in a market outside India. The acquisition aims to further strengthen Cipla’s commitment to South Africa and the broader African continent. The integrated business will compete more effectively in the changing local and global pharmaceutical environments and as such there will be an increasing focus on key African markets.”
Saxena further added, “Spanning nearly two decades, Cipla and Medpro enjoyed a log-standing symbiotic relationship and the acquisition will strengthen Medpro’s position in the South African pharma market by leveraging Cipla’s wide range of product portfolio and technological expertise. This will bring tangible benefits to consumers in South Africa, and increasingly the rest of Africa.”
EP News Bureau – Mumbai